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Energy Stocks Ending With Broad-Based Gains; Devon Energy Climbs to 52-Week High After Beating Q1 Estimates

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XOM +0.58%

CVX +1.01%

COP +1.30%

SLB +0.74%

OXY +0.30%

Energy stocks were mostly higher today with the NYSE Energy Sector Index rising almost 0.7% while shares of energy companies in the S&P 500 were up 0.8% as a group. Crude oil for June delivery settled $1.27 higher at $100.77 per barrel, rising sharply after new weekly data showed a surprise decline in inventories during the week ended May 2. June natural gas fell 6 cents to finish at $4.74 per 1 million BTU.

In company news, Devon Energy ( DVN ) rose to a new 52-week high Wednesday after reporting better-than-expected Q1 earnings.

The company earned $324 million, or $0.79 per share, reversing a $1.3 billion loss during the same quarter last year. Excluding one-time items, adjusted profit was $1.34 per share, beating the analyst consensus by $0.07 per share.

Revenue rose 89.0% year over year to $3.73 billion, crushing estimates looking for $2.8 billion in revenue.

Late yesterday, DVN also said it was selling a portion of its Cana-Woodford Shale Acreage to Cimarex Energy ( XEC ) for around $249 million in cash. the properties contain proved reserves of around 23 million barrels of oil and currently are producing 5,800 barrels of oil equivalent per day.

DVN shares were up 4.4% at $73.30 each late Wednesday, earlier rising to a new 52-week high of $73.79. XEC was up 8.4% at $130.08 in recent trade, also reaching a new 52-week high during today's session at $139.90 a share.

In other sector news,

(+) CHK, Q1 EPS of $0.59, ex items, beats Street view by $0.11 per share. Revenue climbs 47.4% to $5.05 bln, topping estimates by $750 mln. Raises outlook for FY14 operating cash flow by $700 mln to new range of $5.8 bln to $6.0 bln.

(-) END, Adjusted net loss during three months ended March 31 widens compared to year-ago levels. Also warns production during the current quarter could trail Q1 levels following unexpected shutdown at one of its North Sea platforms last month.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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